US inflation reached 7% in December as prices rise at rates unseen in decades
by Lauren Aratani from on (#5TXZV)
US labor department says CPI rose 0.5% compared with November and 7% compared with December 2020
The price of goods and services in the US continue to rise at rates unseen in decades, jumping to 7% in December compared to the same month last year - the seventh consecutive month in which inflation has topped 5%.
The news represents a blow to the Biden administration and the Federal Reserve, which until recently have characterized soaring prices as a transitory" phenomenon brought about by supply chain issues triggered by the pandemic.
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